Historical information

This Banks' Agreement refers to one of several agreements made between the Warrnambool and district bank Managers not to exceed the stated rates of interest. The first section of the Agreement is dated 5th February 1877 and the last date is 15th May 1879. The Banks agreed to specific interest rates for fixed deposits and the terms of those deposits. The first page refers to a previous Agreement being terminated on 14th August 1875. A document from the ANZ Bank, Melbourne, refers to another Agreement dated 2nd April 1879.

A transcription of the Banks' Agreement is attached to this record. The four banks subscribing to the Agreement are: -
Bank of Australasia
Bank of Victoria
Colonial Bank of Australasia
National Bank of Australasia

The Bank of Australasia was incorporated by the Royal Charter of England in March 1834. The bank began in Australia on 14th December 1835, opening in Sydney. The Acting Superintendent of the bank at that time was David Charters McArthur. He was Superintendent from 1867 to 1876. The Melbourne branch opened on 28th August 1838 in a two-roomed brick cottage on the north side of Little Collins Street, where two huge mastiff dogs were used at night to guard the bank. The government also provided an armed military sentinel. Due to the bank's rapid growth, a new building for the Melbourne branch was opened in 1840 at 75 Collins Street West. By 1879 the bank had been upgraded to a magnificent two-storey building on the corners of Collins and Queens Streets, with the entry on Collins Street.

In 1951 the Bank of Australasia amalgamated with the Union Bank to form Australia and New Zealand Bank, now known as the ANZ. Then in 1970, the ANZ merged with both the ES&A and the London Bank of Australia to form the ANZ Banking Group Limited. The ANZ Banking Group Ltd kindly donated various historic items from the Bank of Australasia.

BANK of AUSTRALASIA, WARRNAMBOOL –

In 1854 Warrnambool had two banks, the Union Bank and the Bank of Australasia. Later, completely different bank businesses opened; in 1867 the National Bank of Australasia, then in 1875 the Colonial Bank of Australasia. The original Warrnambool branch of the Bank of Australasia was established in July 1854, and operated from a leased cottage on Merri Street, close to Liebig Street. The bank later bought a stone building previously erected by drapers Cramond & Dickson on the corner of Timor and Gibson Streets. Samuel Hannaford was a teller and then Manager at the Warrnambool branch from 1855 to 1856 and the Warrnambool Council chose that bank for its dealings during 1856-57. In 1859 Roberts & Co. was awarded the contract to build the new Bank of Australasia branch for £3,000. The land was on a sand hill on the northeast corner of Timor and Kepler Streets and had been bought in 1855 by investor James Cust. The new building opened on May 21, 1860. The bank continued to operate there until 1951 when it merged with the Union Bank to form the ANZ Bank, which continued operating from its Liebig Street building. Warrnambool City Council purchased the former Bank of Australasia building in 1971 and renovated it, then on 3rd December 1973 it was officially opened as the Art Gallery by Cr. Harold Stephenson and Gallery Director John Welsh. The Gallery transferred to the purpose-built building on Liebig Street in 1986 and the old bank building is now the Gallery Club.

Staff at the Bank of Australasia in Warrnambool included the following men but others were also involved: Samuel Hannaford, Teller then Manager from 1855-1856; W H Palmer, Manager from January 1857 until November 1869 when the Teller Basil Spence was promoted to Manager; H B Chomley, Manager from April 1873 and still there in 1886; A Butt, Manager in 1895-1904; J R McCleary Accountant and Acting Manager for 12 months, until 1900; A Kirk, Manager 1904; J Moore, staff until his transfer to Bendigo in December 1908; J S Bath was Manager until 1915; C C Cox, Manager until April 1923; Richard C Stanley, Manager 1923 to April 1928.

Significance

This Banks' Agreement has historical significance as it belonged to the Bank of Australasia which was established in Australia in 1835 by Royal Charter. One of the four parties of the Agreement was the Warrnambool branch, so the document is also a historical record of the financial agreements between similar institutions in the local area.

The document is significant for its association with the Bank of Australasia in Warrnambool, the first bank in Warrnambool, established in 1854. The bank continued to operate until its merger in 1951 when it became the ANZ Bank, which is still in operation today. The Bank was an integral part of the establishment and growth of commerce in Colonial Warrnambool and throughout Australia.

Physical description

Document titled the Banks Agreement; a four-page document handwritten in black ink with a nib pen on heavy cream-coloured paper. The document describes the agreement between four banks local to Warrnambool and the district. It specifies interest rates for fixed deposits, the period of the deposits and the penalty for early withdrawal. It includes banks in Warrnambool, Belfast (now Port Fairy) and Koroit and is dated from February 1877 to May 1878. It has been signed by the Banks' Managers. The contents are an agreement not to exceed the stated rates of interest. This copy belonged to the Bank of Australasia, Warrnambool.

Inscriptions & markings

"Banks' Agreement" "Warrnambool" "Belfast" "Koroit"
"5th February 1877" "17th February 1877" "16th May 1877" "6th May 1878" "14th May 1878" "15th May 1878"